Investors jumped on shares of Coinbase Global after the Monday night news that the crypto exchange will join the S&P 500 next week.

The cryptocurrency exchange Coinbase Global will join the benchmark index S&P 500 from May 19, marking an important milestone for the crypto sector. While not entirely unexpected—Coinbase is one of the largest companies based on market value not currently part of the index—shares soared 17% to $241.

Coinbase Global's shares jumped nearly 15% on Tuesday after the cryptocurrency exchange became the first digital asset player to be included in the benchmark S&P 500 index .